NSW Lib MP recorded seeking 'quick deal'

A veteran NSW Liberal MP has admitted he was interested in seeking a 'dividend' from the potential sale of a multi-million dollar Sydney property to Chinese developers.

Daryl Maguire was secretly recorded in May 2016 speaking with then Canterbury City councillor Michael Hawatt, who is at the centre of an Independent Commission Against Corruption investigation.

The telephone conversation was played at a hearing in Sydney on Friday.

Mr Maguire, who has been the member for Wagga Wagga since 1999, was heard telling Mr Hawatt he had a client with "mega money" who would be interested in the site in Canterbury, which had been approved for 300 units.

He asked the councillor what "margin" he would get from the "quick sale".

"1.5 per cent isn't enough divided by two if you know what I mean?" Mr Maguire said.

"Yeah, I understand. Yeah I do understand," Mr Hawatt said.

Mr Maguire replied: "So three per cent is much better."

Asked to explain what he had meant, Mr Maguire said it appeared he was speaking about "a dividend to be shared by two".

When asked who the other interested person would be, the government backbencher said: "Well, I suspect it was me."

Mr Maguire was recorded saying he needed a "stream" of property deals, including a couple of sites with development approval.

"I need 30 projects."

The company Mr Maguire described in the phone call as a "client" was Country Garden, a Chinese property development company.

The corruption watchdog is investigating claims of improper conduct at the now defunct Canterbury City Council - in particular, the actions of two councillors, Mr Hawatt and Pierre Azzi.

On the back of Mr Maguire's appearance before the inquiry, NSW Labor called for the parliamentary secretary to be sacked.

Acting opposition leader Michael Daley called on the premier to act immediately.

"This is extraordinary ... Mr Maguire has been caught out by his own words and should be removed now," he said in a statement.